There is an exciting new market in our industry: women. I am only partly kidding.
Women are the most underserved people in our country when it comes to financial matters. They are not treated equally, and in many cases they are treated unfairly. Current studies show that a woman will make several hundred thousand dollars less than a man with the same qualifications over her career.
Women also face additional challenges:
• Women are commonly the primary caregivers at the beginning and end of life. Because of this they spend many years out of the workforce. They are still working; it just does not count toward their Social Security benefits.
• Statistically women live longer, so income is needed for a longer period of time.
• Women have higher health-care costs; generally these costs are 30 percent to 40 percent higher than for a man.
• Many widows are left penniless when their spouses take straight life pensions rather than joint life pensions.
In sum, women over 65 receive approximately half the income men receive with much longer life expectancies and higher health-care expenses.
About 70 percent of my clients are women. They have been an important key to my success in this business. Please consider these tips that will dramatically increase your sales to women:
Women want relationships. That is how they build trust. So ask a lot of questions. "How do you feel about risk? What do you want to do when you retire? What do you need from me as an advisor to feel safe, secure and successful financially?" Women want details. The more knowledgeable they feel, the more likely they are to take action.
They are savers more than they are investors. They don't concentrate on the final number as much as they focus on what the final number will provide. They tend not to think in terms of "me," instead they talk about "we."
Finally, women demand respect. Pay as much or more attention to the concerns of the wife as you do the husband. She can be your ally or your enemy. Never say to a widow, "This is what your husband wanted." She now has control. Make sure you recognize that. That is how you will encourage her to continue with you as her advisor. Many agents lose female clients because they do not understand the transformation that has occurred.
What's in it for you? Women now control 75 percent of family finances. Twenty-six percent now earn more than their husbands. Baby boomers will inherit up to $14 trillion over the next decade.
I believe it is time for all male advisors to get in touch with their feminine side. Don't you?
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